Samsung Online Payment Service Crosses One Million Users In Homeland

27Oct

Samsung Pay has surpassed one million users mark in South Korea after two months of launch.

Technology is significantly advancing as the time is passing on. All the conventional ways to do business, shopping, or conversing is now done virtually using technology. The trend of online shopping is increasing as the online retailing giants expanded their global footprints in almost every country whereas every country has its domestic version of online marketplace as well.

As people prefer to shop online more than going out to shop, the money is paid online as well. Various tech giants such as Apple and SamsungElectronics came up with an idea to launch online mobile payment services to make transactions easier.

Samsung News reported that Apple first came up with its payment system and took an early lead in the online payment industry. However, the South Korean smartphone manufacture came with a response and acquired Loop Pay to take on Apple. However, it was not effective to steal the market share. With the launch of SamsungGalaxy S6 models, the company rolled out its own independent mobile payment service named Samsung Pay. It was labeled as the direct competitor to Apple.

The Korean giant’s payment system, so far, has been a success all over the world. When we talk about the home country of the company, its payment service has managed to surpass one million users in South Korea in just two months after its launch. The smartphone maker only launched the payment system to compete with Android Pay and Apple Pay.

The company claims that it has to process at least 100,000 average daily payments through Samsung Pay. Furthermore, the cumulative payment via it surpassed $88 billion (£57 billion and 100 billion won). The daily payments have also noticed an increase to 2 billion won from 800 million won.

International Business Times report, “Some of the recently launched flagships such as the Samsung Galaxy Note 5, Galaxy S6, S6 Edge, and S6 Edge+ were among the devices through which over one million users accessed Samsung Pay. However, the company recently reported extending the service to all its future devices. The service uses magnetic security transmission (MST) that not only works for online payments but also enables offline payments.”

It is also believed that this service allows user to withdraw cash from various selected local ATM. After such success in a very short span of time, the company might expand its service and roll out another option, which will offer to use public transit card payments. It is expected to be integrated in the service by the end of this year.